Published: Sun, November 04, 2018
Money | By Armando Alvarado

Trump tweets himself as star of own Iran sanctions movie

Trump tweets himself as star of own Iran sanctions movie

Trump withdrew the United States from the 2015 Iranian nuclear deal in May and began reimposing sanctions on the Islamic republic in August.

"Thank you, President Trump for this historic step".

The United States will add 700 individuals and entities to its Iran blacklist and push the SWIFT global banking network to cut Tehran off when it reimposes sanctions Monday in a "maximum pressure" effort to cripple the country's economy.

Iran exported the equivalent of 2.5 million barrels a day in April, before the announcement of sanctions turned buyers away.

A day after the Donald Trump Administration of the United States allowed India and seven other countries to buy oil from Iran after it reimposes sanctions on it from November 5, Union Oil Minister Dharmendra Pradhan has credited Prime Minister Narendra Modi's "forceful campaign" in convincing the U.S. authorities. Beyond that point, anyone unloading a tanker from Iran risks the full wrath of the United States government.

"This part of the campaign is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world, Pompeo said".

The United Arab Emirates' minister of state for foreign affairs, Anwar Gargash, said on Saturday that Iran's "aggressive policies" were "largely responsible" for the reimposition of USA sanctions on Tehran.

"A loss of 1 million bpd from Iran, further declines in Venezuela, coupled together with geopolitical disruption in Libya and Nigeria could easily wipe out what little spare capacity we have left", Bernstein analysts said this week.

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According to the Department of Justice statistics for the 2016 fiscal year , only about 2 in 5 cases were decided in absentia. Claims have spiked in recent years, and there is now a backlog of more than 800,000 cases pending in immigration court.

Iran said it was not troubled over the re-imposition of U.S. sanctions. Following the hostage-taking, the US halted diplomatic relations with Israel. "We have the knowledge and the capability to manage the country's economic affairs", Iran's Foreign Ministry spokesman Bahram Qasemi told state TV.

The sanctions take effect Monday and cover Iran's shipping, financial and energy sectors.

A defiant Khamenei dismissed the renewed U.S. sanctions - including an oil embargo - that take effect on Monday.

As a result of the latest sanctions, he said the U.S. expects to have reduced Iranian crude oil exports by more than 1 million barrels even before these sanctions go into effect. It has announced plans for a legal framework through which firms can skirt U.S. sanctions, although few major corporations have been eager to risk the wrath of penalties in the world's largest economy.

"If prices start to rise again or another major producer has difficulties, it could put pressure on the USA and lead to new exemptions", said Fabiani.

Speaking in a conference call, Pompeo said, "We expect to issue some temporary allotments to eight jurisdictions, but only because they have demonstrated significant reductions in their crude oil and cooperation on many other fronts and have made important moves toward getting to zero crude oil importation".

Diplomats told Reuters last week that the new European Union mechanism to facilitate payments for Iranian exports should be legally in place by November 4 but not operational until early next year.

Earlier, Bloomberg reported that South Korea, India, and Japan are among the exempted countries.

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